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Moline, IL Discussion Forum |
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| Posted By:
Manendra Kothari |
2011-05-05 |
Once again, IRS is offering taxpayers with undisclosed income from offshore accounts an opportunity to disclose and come clean. IRS announced that the new program Offshore Voluntary Disclosure Initiative (OVDI) will be available only through August 31, 2011.
Please CLICK HERE if you have any question about FBAR.
OVDI – Commonly asked Questions :
How OVDI is recommended?
OVDI 2011 requires taxpayers to report undisclosed accounts, assets and pay back taxes including interest on undisclosed income from 2003 to 2010. Doing so enables them to become compliant, avoid substantial civil penalties and generally eliminate the risk of criminal prosecution. OVDI also provides the opportunity to calculate, with a reasonable degree of certainty, the total cost of resolving all offshore tax issues. Without OVDI, taxpayers always run a risk of detection by the IRS and the imposition of substantial penalties, including the fraud penalty and foreign information return penalties, and an increased risk of criminal prosecution. Read more at:http://sktaxes.com/?p=391 Questions on if you need to file Foreign Bank Account Reporting (FBAR) Forms: http://sktaxes.com/?p=87
Feel free to call for a confidential free consultation:
Manendra Kothari, CPA
847.232.3985
MKothari@SKTaxes.com
www.SKTaxes.com
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| Replies |
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| Reply By:
Manendra Kothari |
2011-06-02 |
One can check for recent updates on FBAR non-compliances here.. http://sktaxes.com/?page_id=9
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